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Koreas Trade Fire, Salt Day's Trading

(Tickers: NPremarket ReportFutures indicate a lower open today, after yesterday's 2% jump in the Dow Jones Industrials. European bankers are meeting, but likely played no role in futures direction this morning. Earnings have been sparse this morning and insignificant, in our view, and so the driver in the premarket is most likely the exchange of fire between naval vessels in Korea and perhaps a simple reaction to yesterday's strength.

ICSC Sales Data

As retail results come up against soft comparable sales from a year ago, the data has a chance to look better than horrible. The week ago reporting of the International Council of Shopping Centers (ICSC) Weekly Same-Store Sales results offered one example. When compared against the prior week data, sales improved by a slight 0.1%, matching the prior week gain. When matched against the prior year sales tally, however, same-store results posted a 1.9% increase (2.4% week before).

The latest tally of ICSC data was released in the premarket today. For the week ended November 7, sales fell this time by 0.1% on a week-to-week basis. Sales were again up 2.9% over the prior year count, as those easy comparables match with population growth and the absence of panic for now.

Feds Talkative

A slew of Fed Heads will meet microphones on Tuesday, so take your aspirin ahead of time, if not a shot of Jack. Atlanta Fed President Dennis Lockhart goes first, addressing the Urban Land Institute Conference at 9:15 a.m. At 10:00 a.m., San Francisco Fed President Janet Yellen speaks to the economic outlook and real estate with a group in Phoenix. In the evening at 7:00 p.m., Dallas Fed President Richard Fisher will address the Austin Headliners Club on the economy. European finance ministers will also be in the spotlight Tuesday, as they meet for an EU Economic and Financial Affairs Council meeting.

Small Business Check

Small businessmen weigh in on their economic view when the National Federation of Independent Business publishes the results of its Small Business Optimism Index for October Tuesday. While small businesses were late in shedding jobs at the start of the recession, they've been well represented over recent months.

World Energy Outlook

Look for the International Energy Agency's (IEA) latest update to its World Energy Outlook at some point Tuesday. Talk about a tough job; imagine attempting to predict the consumption demand trends for energy through 2030 at this interesting juncture in history. On one hand, you have the increasing needs of developing China and India, and on the other you have a developed world aggressively working toward alternative energy sources.

Corporate Earnings News

Priceline.com (Nasdaq: PCLN) shares are up 12% in the premarket, after the travel company produced its third quarter results last evening. Priceline.com's EPS more than tripled over the prior year period, as it benefited from trade down business. It seems many of you spend heavies have joined "The Greek" in using this enabling resource at Priceline.com. EPS actually only doubled when excluding a one-time gain, but it seems investors are getting on board anyway. PCLN gave good reason too as well, as it is forecasting EPS of $1.52 to $1.62 for its Q4, well ahead of analysts' consensus view for $1.49, according to Thomson Reuters.